Overview of NMFB SME Loan
The Small and Medium Enterprise (SME) Facility by NIRSAL Microfinance Bank (NMFB) is a short-term credit facility designed for small and medium-scale business owners who need working capital support. It targets existing traders involved in the sale of eligible products such as:
- Food and beverages
- Electronics and allied products
- Computers, phones, and accessories
- Vehicle spare parts
- Building materials
Loan Purpose
The loan is intended to:
- Fill working capital shortfalls
- Improve operational capacity
- Support inventory restocking
- Finance business expansion
Loan Features
| Feature | Details |
|---|---|
| Loan Amount | Depends on the business size, creditworthiness, and repayment capacity. Typically ranges from ₦250,000 to ₦5,000,000 or more. |
| Tenure | Maximum of 365 days (1 year) |
| Interest Rate | Competitive rate, usually around 9% per annum (subject to CBN directives) |
| Repayment Structure | Monthly or quarterly, based on agreement |
| Collateral | May require inventory, invoice guarantees, or guarantors depending on the amount |
APPLY FOR NIRSAL MICROFINANCE BANK AGRICULTURAL FACILITY LOAN
Eligibility Requirements
To qualify, you must meet the following:
- Be an existing customer of NMFB
- Must hold a business account with NMFB or be ready to open one.
- Registered Business Name
- Preferably CAC registration, especially for higher loan amounts.
- Engaged in eligible trading activities
- Business must have been in operation for at least 6 months to 1 year
- Evidence of business activity
- Sales records, inventory, and possibly site visit confirmation.
- Valid means of identification
- National ID, Voter’s Card, Driver’s License, or International Passport
- BVN (Bank Verification Number)
- Utility Bill (for address verification)
- Guarantor(s)
- May be required, especially for unsecured loans
How to Apply
Step 1: Visit NMFB Branch or Website
- Go to the nearest NMFB branch to make enquiries or proceed with the process.
Step 2: Open a Business Account
- If you’re not yet a customer, open a business account with NMFB.
Step 3: Obtain and Fill the Loan Application Form
- You can fill the form online or collect a hard copy from the bank.
Step 4: Prepare Required Documentation
- CAC Certificate (if applicable)
- Valid ID
- Passport photograph
- Proof of business activity (invoices, stock levels, receipts)
- BVN
- Business account statement (NMFB may request 3–6 months if applicable)
- Guarantor details (if required)
Step 5: Submit Application
- Submit your completed application along with all documentation to your NMFB branch or via their digital channels.
Step 6: Business Verification & Assessment
- NMFB officers may visit your business location to verify its existence and assess its viability.
Step 7: Loan Approval
- If approved, you will receive a notification and sign a loan agreement.
Step 8: Disbursement
- Loan funds are credited directly to your NMFB business account.
Post-Disbursement Monitoring
NMFB may conduct periodic checks to ensure the loan is being used for its intended purpose. Misuse of funds may lead to loan recall or blacklisting.
Tips for Successful Application
- Ensure your business records are organized and verifiable.
- Be honest in your application.
- Maintain a good relationship and credit history with NMFB.
- Start with a smaller loan if you’re new to them.
